22
Not Addressed
When the pension freedoms were introduced, a guidance guarantee was presented as a key pillar...
Recommendation
When the pension freedoms were introduced, a guidance guarantee was presented as a key pillar of the reforms supporting people making use of the new range of choices available to them. Everyone with a defined contribution pension is entitled to free impartial guidance from Pension Wise when they come to access their pension. The Minister for Pensions and Financial Inclusion has agreed that having a Pension Wise appointment should be the norm. We recommend that DWP should set out a plan for how this will be achieved and a timetable for getting there. Pension Wise is an important tool to prevent scams and we will look further at its role, within the new MoneyHelper brand, in the next part of our inquiry on accessing pension savings.
Government Response Summary
The government response outlines the Financial Conduct Authority's (FCA) framework for tackling fraud, its collaboration with other agencies, and its proactive publication of information. It does not address the recommendation for DWP to set out a plan and timetable for Pension Wise appointments becoming the norm.
Paragraph Reference
91
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
The Financial Conduct Authority seeks to reduce the incidence of fraud through a framework of prepare, prevent, protect and pursue. They collaborate extensively with other agencies, including as one of the seven core National Economic Crime Centre partners. They have proactively published information on their actions to tackle scams in their Investment Harms report,3 and will publish more data of this kind in the future.
Source
Committee
Work and Pensions Committee
Report
Fifth report: Protecting pension savers—five years on from the pension freedoms: Pension scams
28 Mar 2021
HC 648
Addressee Bodies
Department for Work and Pensions
Timeline
Recommendation age
5.3 yrs
Report published
28 Mar 2021